French fashion company SMCP's sales near pre-pandemic levels (updated)

Smcp SA

27/10/2021 07:18

(Adds detail)
    PARIS, Oct 27 (Reuters) - French fashion company SMCP
 SMCP.PA  on Wednesday reported third-quarter sales were close
to pre-pandemic levels, rising 8.4% thanks to brisk demand in
Europe and the United States. 
    Recovery in Asia was weighed down by surging COVID-19 cases,
but SMCP, the brands of which include Sandro and Maje, said it
was confident of reaching full-year overall sales of 1 billion
euros ($1.2 billion).
    SMCP's third-quarter sales rose to a better than expected
271.7 million euros, from 248.4 million euros a year earlier.
Investment bank Jefferies had cited consensus expectations for
266 million euros.
    Under the direction of recently appointed Chief Executive
Isabelle Guichot, SMCP has been refining its sprawling store
network. It has been culling smaller stores while focusing
expansion on fast-growing regions while shoring up its digital
services.
    Prospects of an ownership change have boosted the retailer's
shares, which have risen by more than 30% since a unit of its
majority shareholder Shandgong Ruyi  002193.SZ  defaulted on a
bond exchangeable for SMCP shares in September.
($1 = 0.8593 euros)

 (Reporting by Sudip Kar-Gupta and Mimosa Spencer
Editing by Himani Sarkar and David Goodman)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))